After ‘Apple Card’ consumers can soon have Samsung’s own physical and virtual smart debit cards that will enable customers to purchase things online as well as in physical retail stores.
Samsung already offers the “Samsung Pay” service to its consumers. The service has now finished five years. The upcoming service will help Samsung Pay customers take control of their everyday finances. Samsung has reportedly been working on a ”mobile-first money management platform” for a year.
“As a first step to this broader vision, this summer Samsung in partnership with SoFi will introduce a new Samsung Pay experience with an innovative debit card backed by a cash management account. We are excited to share more details in the coming weeks”
While the South Korean tech giant has not revealed much about its debit card, the card will be backed by a cash management account based on smartphones.
The card will be co-branded with different bank partners, including CITI and Stanford Federal Credit Union.